Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Sole proprietorship is a form of business owned by
an individual
two or more persons
a registered business subsidiary
the government
Correct answer is A
A sole proprietorship, also known as the sole trader, individual entrepreneurship is a form of business organization, wherein a single person owns, manages and controls, all the business activities
Unlimited liability in business implies that the
risk of the owner is limited only to the amount invested
debts are paid with subventions
property of the owners should not be used to secure loans
owners private property can be used to settle the business debts
Correct answer is D
Unlimited liability means you are exposed to potential losses based on company obligations. In the event of liquidation the personal property of its owner is used to settle the business debt
Which of the following is not a disadvantage of a one-man business?
Unlimited liability owner
Life of business limited to life of owner
Personal control of business
Difficulty in raising additional capital
Correct answer is C
No explanation has been provided for this answer.
Department of Customs and Excise
Ports Authority
Shipping and Forwarding Agent
National Shipping Line
Correct answer is B
No explanation has been provided for this answer.
Mobile shopping involves selling
from motor van
at a particular spot in the city
in multiple shops only
from a vending machine
Correct answer is A
Mobile shop is a large vehicle that has been changed into a shop and is driven from place to place